how to get a 2nd mortgage loan how long do you pay mortgage insurance How Long Do You Pay Mortgage Insurance on an FHA Loan? | Home. – If you have an existing loan with MPI on it, you need to wait until equity builds in the home. Equity is contingent on the down payment you made and if you make any extra payments (or miss any payments) over the years. If your loan was funded after June 3, 2013, you need to wait 11 years for MPI to be removed on loans with more than 10 percent down.Second Mortgage with Bad Credit – Refinance 2nd Loans with. – Second Mortgage with Bad Credit See Affordable Options to Refinance 2nd Mortgage Loans with Low Credit Scores. Do you need a second chance loan? According to Nationwide originators, bad credit second mortgage and refinance loans are in demand more than ever for borrowers with credit problems who seek money with a lower interest rate that is available by redoing your existing lien.phone number for fha home loans fha mortgage inspection requirements home equity loan credit union vs bank Credit Union Home Equity Loan | NASA Federal Credit Union – Home Equity Loans and Lines of Credit are a smart way to consolidate debt, make home improvements, and pay for education or unexpected expenses. home equity Loan A Home Equity Loan is ideal for a one-time borrowing need and offers predictable, fixed payments for the term of the loan.